Commentary & Deal Flow

Reoffer: 5yr: MS+65bp / 99.45 / 3.873%
Benchmark: 5yr: OBL 2.5 Apr-31 #193 @ 97.64 / B+82.2bp / HR 107%

5yr: Final Books >€1.15bn. Peak book >€1.4bn (pre-reconciliation)

Launched: 5yr: €500m @ MS+65bp - Books >€1.4bn (pre rec)
IPTs: 5yr: MS+90a

• Issuer: La Poste
• Ticker: FRPTT
• Country: FR
• Issuer LEI: 9695000YG7TR7PAP0L59
• Issuer Ratings: A (Stable) S&P / A+ (Stable) Fitch
• Exp. Issue Ratings: S&P: A / Fitch: A+
• Format of notes: Senior, Unsecured, Reg S Bearer Cat 2, Dematerialised
• Pricing Date: 1-Sep-26
• Settlement Date: 8-Sep-26 (T+5)
• Currency: EUR
• Tranche: 5 Year Fixed
• Maturity: 8-Sep-31
• Size: €500m
• Reoffer: MS+65bp / 3.873% Yield Annual / 99.45 Price
• Coupon: 3.75% Fixed, Annual, ACT/ACT
• Reference Benchmark: 82.2bp v OBL 2.5 Apr-31 #193 @ 97.64 / HR 107%
• ISIN Code: FR001401AQR7
• Documentation: EMTN Programme dated 23-Apr-26 / French Law / €100+100k / Euronext Paris / 3m Par-Call / Clean-up Call (80%)
• Make-Whole Call: 10bp vs FRTR 1.5 May-31
• Use of Proceeds: General Corporate Purposes
• Active Bookrunners: Crédit Agricole CIB, Commerzbank, HSBC (B&D), ING, La Banque Postale, Mizuho
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels) only. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement: The Base Prospectus is available at www.amf-france.org and the Final Terms when published will also be available at www.amf-france.org
• Timing: TOE: 15.15 UKT | FTT: 15.40 UKT